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Importance of Innovations in Business Growth | Study of Tesco

5559Downloads1 I Published: 31 Dec ,2019

Introduction

Innovation is a new idea, design or method given by any person called as innovator for achieving any specific goal. Entrepreneurship is the outcome of innovation in which a particular person comes out with a business normally small scale called as start-up with high risk factors attached to it. To do a work in a better order it is adopted but before adoption of any it. A company always try to recruit people who has innovative ideas and believe in doing things differently. It can be in any form depending upon the situation and and the work place. It can be tried at every level of organization (Bosma and Levie, 2010). It consists of information, skills and imagination. A new idea brings the creativeness and that thing is made into useful product. Tesco, which is one of the world's largest retailer in terms of profit generation. So it needs more unique ideas in the grocery sector so that it could expand their business worldwide. At a single department it can be very effective and can spark to other who are lagging behind. Managers and leaders of this firm have to use various of innovative methods which are help to meet their set of target and objectives.

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Assignment 1

Forms of Innovation

Illustration 1: Forms of Innovation, 2017

  • Incremental Innovation:-A small change or a little improvement in the products is called as Incremental Innovation. Companies all around the world do up-gradation in there products whether it could be change in technology or any other (Chell, Nicolopoulou and Karataş-Özkan, 2010). Tesco also change its outlets design, structure or come out with any other promotional schemes. Further, small change in goods and services is having impact on existence of organization and able to improve profit margin as well. With the help factor they are meet expectation of their targeted customers.
  • Disruptive Innovation:-In this a product comes with simple features but suddenly as the time progress new technology is introduced in with that product or business. Tesco used to sell its items manually but than it started selling them online. With the help of advance technologies companies are promote their goods and services in international market and improve profits as well.
  • Architectural Innovation:-This is concerned with the applying of the ideas or technology to the other business or at a new environment. It may be dangerous as every thing has some different laws and ethics (Dacin, Dacin and Matear, 2010). A new firm entering into the unknown market applying their own plans would be the example of this.
  • Radical Innovation:-We may say this is the most important out of all as this leads to big revolution in the market. Anyone introducing a new ideas which could impact directly to the economy of an country. This can able to expand organization in new market and earn effective returns. Further, it can having an capacity to attract large number of customers and improve performance as well.

Drucker’s Purposeful Innovation

This says that every purposeful innovation results from inspection, reviews of the ideas, teaching of it, learning of it and can be changed or can be copied. Every innovation starts with the survey of the matter or the environment and finding out the hidden opportunities there. The survey should be conducted on regular basis so that the variations can be avoided. It should be simple and understood able and should only focus on single goal or single outcome because approaching more than one thing could lead to failure of a it. They identify the risks involved in it and try to fix those (Drucker, 2014). The innovators create opportunities rather than focusing on the risks.

Sources of Innovation opportunity

  • Unexpected:- The first innovation opportunity talk about the unexpected failure and success. Tesco should analysis its unpredicted failures and success. This makes you aware about the coming risks and gives helps you to prepare for it in advance. This will be the best way of succeeding in the competitive market. Thus, continuous success can be possible with the help of this factor.
  • Incongruity:- When the person things differently from its contender his business grows. It means thinking differently out of the box. Society adopts ideas or products with different approach. Through this factor Tesco is able to attain long term as well as short term goals and objectives.
  • Process Needs:- It is almost same to Incongruity and says that finding any bug or glitch in the existing market (Goodale and et. al., 2011). Contribution in the market by adding something new to the same thing.
  • Change in industry and market structure:-This happens because the preference and the taste of customer changes. So the organization has to adapt according to and make products with the demand.
  • Demographics:- It is the change in the population, area or demography predicts the future of the market. If there will be summer so the soft drink industry will produce more bottles of it (Hall, Matos, Sheehan and Silvestre, 2012). A odd innovation would definitely will make loss. A fast food chain opening its store in the slum area will bring loss.
  • Change in Perception:-Change in the perception in the minds of consumers affects the sale of the product (Hockerts and Wüstenhagen, 2010). Earlier people very not very much aware about the body building supplements coming in the market but as the people got to know the importance of health they started buying the supplements.
  • New Knowledge:- As the technology involves the firms need to also adapt with it. Otherwise they will be left out so they should be adapted will the new things in the market. Also with the this element employees can get an opportunities and learn new things which can able to improve their skills and enhance their knowledge as well.

Driver of Innovation

  • Searching Talent:- Everyone is born with some or other talent but to find out and use it in right manner is important task. Innovators try to look for people who dedicatedly work for them and drive their business or start-up in right track.
  • Managing creativity:- Whenever a leader or team leader come with an idea it should be appreciated and should be appraised by the mangers and the staff working there. This will boost up his confidence and will enhance her skills.
  • Building Relationships:- Relation between the organization and its people like stakeholders, employees or very person directly or indirectly associated with it should be well as this is a way to create goodwill in the market (Morris, Kuratko and Covin, 2010). A good relation will attract more customers to the firm.
  • Recruitment of Right Leaders:- The people who leads and make a command on the team members are the leaders which will make most out of them. So choosing right approached and passionate leader as are far more important. They set goals and objective for any business.

Innovation and IPR

Intellectual Property refers to the artistic work of an organization which includes name of the organization, logos, tag lines, symbols etc. and IPR are the rights which help the innovators to protect their creative work. By this it creates a monopoly of for them or for the company. Tesco has registered name and its logos. The new creation will be protecting them by applying the application in the courts and telling them that they are the owners of that creation (Nasution and et. al., 2011). IPR includes copyrights, trademark, patents and etc. When a innovation takes place and becomes successful so the people try to copy the innovation this might increase the competition and would affect the original creation. Anyone using the registered work of any person would be found guilty and can be sentenced to jail or will be liable to pay a heavy fine. This adds the legal entity to the innovation and also help the consumer to know which is the genuine product or innovation.

Assignment 2

Creativity refers to introduce something new to their targeted customers in order to attract them. Tesco needs use creativity for improve their performance in international market and increase number of customers as well. This concept is helpful to introduce new product. Also it is risk taking factor through which they are improve performance. The continuous development can be possible with the help of using creativity in any organization (Onetti and et. al., 2012). It is a risky process for every business that their can be reject it or can be accept it. Through this companies are able to introduce new form of goods and services which can attract large number of customer and improve profit margin as well.

Methods for unlocking creativity

There are various methods which are helpful for unlocking the creativity which are as defined below:

Practise good self care-Every person who is working in the organization needs to provide best environment to themselves and try to use new creativity ideas which are helpful for companies. They needs to focus on one thing and try to improve their performance as well. Every person who provide these ideas is play an significant role in company.

Develop a consumer journey map-Every company have to receive feedbacks from their targeted customer in order to improve their performance in international market. Managers and leaders of Tesco company are able to receive feedback whether they are good or bad. Both types of feedbacks are helpful for them for increase their efficiency. Through good feedbacks they are able to maintain their performance and try to improve them as well. And bad one are provide an opportunity to identify their own weaknesses and try to improve them (Trimi and Berbegal-Mirabent, 2012).

Use various types of techniques- With the help some different types of techniques companies are achieve their target and objectives. Some brainstorming challenges are helpful to them to introduce goods and services among customers.

Look for opportunities- Members are responsible to look for the opportunities which are able to meet corporate goals and target. Try to enhance team working in which members can share their views and ideas. Through this they can collectively and jointly perform their duties and try to improve the performance of company in international market.

Idea management strategy- With the help of this stage organizations are able to minimise risk and cost and maximise profits and revenues. Further, it is forecasting element which is use to meet long term as well as short term goals.

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Creative managerial decision making methods

Decision making is play an important role in creative activity in every business organization. Which are better understand a conflicts and try to resolve them and provide best possible solutions to them. This process is helpful to attaining corporate goals and objectives. Some factors which are helpful in helpful in creativity which are as aligned below:

Experience in the field of best decision making- If companies are able to understand the current market demand of customers then they can able to improve performance of it and try to meet them as well. They need to expand their business in order to meet demand of target market. This step can able to improve ability of members and also fulfil corporate goals as well. Through this process companies can able to take solid decision which is useful to achieve market needs. Tesco is an international British retailer company which have better quality of goods and services to their customer in to retain existing consumers and attract new people as well.

Temporary methods that affect the thinking skills- Creativity is able to enhance the thinking of people and improve their performance as well. These factors are help to take effective decision making through which companies are able to meet their goals and objectives. Members needs to collect or gather information from current market and try to provide goods and services accordingly. These informations are helpful to complete are helpful to meet long term as well short term goals and objectives.

Using analogies- This analogies are helpful to get best solution for companies which are able to meet set of targets and objectives. With the help of best solution companies are able to meet their set of target and improve their performance as well.

Soft system methodology and rich pictures

Soft system methodology is an systematic approach which is helpful in bringing in improvement and members play an important role in this method. These can be helpful to reduce conflicts and provide best solutions. It used in various types of investigation through which problems can be solved. With the help of this method performance of Tesco company can be increased and through which they are able to meet their set of target and objectives. Further, rich picture is an diagrammatic representation through they can easily attain target and goals. It is traditional concept which is used by most of the companies and try to improve their work quality as well (Entrepreneurship and Innovation, 2017). This can helpful to minimise cost and maximise profits and revenues which is beneficial for them.

The Business Model Canvas

Key Partners

·Other banks and clearing institutions.

·Financial institution.

 

Key Activities

·Risk and customer. analysis

·Framed agreement.

·Creation of offer.

Value Proposition

·Financial and advisory services.

·Provide loans, payment and security.

·Also provide insurance.

Customer Relationships

·Conduct face to face interaction with targeted audience.

·Maintain business to customer relationship

Customer Segments

·Private customer segments.

·Small medium enterprise.

Key Resources

·Advance technologies.

·Capital of the company.

·Branch office.

Channels

·Basic and important channel is internet.

·Call centres.

·ATMs.

Cost Structure

·Salaries and remunerations.

·Effective cost which are branch related.

·Running IT sector.

·DELETE GRAY TEXT & WRITE HERE

Revenue Streams

·Received services fees.

·Basic and important revenue sales but less loans and mortgage.

 

Conclusion

On the basis above report it has been concluded that, every company have to use innovations which are helpful for them to improve their performance in international market and increase number of customer as well. Managers and leaders of Tesco have to use creative ideas and information in their goods services and then introduce them among their targeted audience. Organization are use various forms innovation and implement them in them. The purpose of company is fulfilled with the help of these methods. They are able to attract large number of people. Through creativity firms can able take best decision in the interest of customer as well as members of company. Further, rich picture is an diagrammatic representation which is helpful to complete their target and objectives. With the help of soft system methodology improvement can be possible and this is best reason for continuous success.

References

Books and Journals

  • Bosma, N. S. and Levie, J., 2010. Global Entrepreneurship Monitor 2009 Executive Report.
  • Chell, E., Nicolopoulou, K. and Karataş-Özkan, M., 2010. Social entrepreneurship and enterprise: International and innovation perspectives.
  • Dacin, P.A., Dacin, M.T. and Matear, M., 2010. Social entrepreneurship: Why we don't need a new theory and how we move forward from here.The academy of management perspectives.24(3). pp.37-57.
  • Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
  • Goodale, J.C and et. al., 2011. Operations management and corporate entrepreneurship: The moderating effect of operations control on the antecedents of corporate entrepreneurial activity in relation to innovation performance.Journal of operations management.29(1). pp.116-127.
  • Hall, J., Matos, S., Sheehan, L. and Silvestre, B., 2012. Entrepreneurship and innovation at the base of the pyramid: a recipe for inclusive growth or social exclusion?.Journal of Management Studies.49(4). pp.785-812.
  • Hockerts, K. and Wüstenhagen, R., 2010. Greening Goliaths versus emerging Davids—Theorizing about the role of incumbents and new entrants in sustainable entrepreneurship.Journal of Business Venturing.25(5). pp.481-492.
  • Morris, M.H., Kuratko, D.F. and Covin, J.G., 2010.Corporate entrepreneurship & innovation. Cengage Learning.
  • Nasution, H.N and et. al., N.O., 2011. Entrepreneurship: Its relationship with market orientation and learning orientation and as antecedents to innovation and customer value.Industrial marketing management.40(3). pp.336-345.
  • Onetti, A and et. al., 2012. Internationalization, innovation and entrepreneurship: business models for new technology-based firms.Journal of Management & Governance.16(3). pp.337-368.
  • Trimi, S. and Berbegal-Mirabent, J., 2012. Business model innovation in entrepreneurship.International Entrepreneurship and Management Journal.8(4). pp.449-465.
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